Brazil's Estácio removes CEO Thompson from merger discussion group

Reuters Staff

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SAO PAULO, March 17 (Reuters) - Brazil's Estácio Participações SA said on Friday that it had removed Chief Executive Officer Pedro Thompson from a group discussing terms of a sale to larger rival Kroton Educacional SA but denied a newspaper report suggesting he was working against the deal.

Estácio made the statements in a securities filing. Newspaper Valor Econômico, citing unnamed people familiar with the matter, said Estácio's board opened a formal probe into an anonymous tip suggesting that Thompson was working against the deal.